<\/p>\n
Nasdaq 100 futures tumbled 2% as the global selloff in chipmakers gathered pace, with traders rushing to exit positions in stocks that had fuelled this year\u2019s rally but whose valuations grew increasingly demanding.<\/p>\n
Contracts for the S&P 500 also got hit, falling 1% as a closely watched exchange-traded fund tracking semiconductor firms dropped 4.4% in premarket trading. The selloff spread throughout Asia, with Taiwanese stocks falling into a technical correction and the region\u2019s main benchmark hitting a two-month low.<\/p>\n
In Europe, chip-linked stocks such as ASM International NV and Aixtron SE tumbled more than 4%.<\/p>\n
Chipmakers are under growing scrutiny over whether the massive gains fueled by the buildout of artificial intelligence have run too far to justify their elevated valuations. At the heart of the matter is whether hundreds of billions of dollars in spending by AI hyperscalers will deliver lucrative returns and sustain sky-high demand for chips.<\/p>\n
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\u201cWhen there\u2019s panic, no one wants to be the last one in a selloff, so the selling pressure increases,\u201d said Guillermo Hern\u00e1ndez Sampere, head of trading at MPPM. \u201cWith the start of reporting, the suspicion of overvaluation has been confirmed and will continue.\u201d<\/p>\n<\/p>\n
Another day of attacks and counterstrikes in the Middle East also weighed on sentiment. Brent crude is heading for its biggest weekly gain since April, with the benchmark trading just below $85 a barrel. Treasuries caught a bid despite the rise in oil prices, with the 10-year yield down three basis points to 4.53%. The dollar wavered, while gold rebounded from a two-month low.<\/p>\n
Stock investors are taking profits in what had become crowded positions for chip-related stocks, with a key gauge of industry giants still up 68% this year. For Francisco Simon, European head of strategy at Santander Asset Management, the selloff still looks moderate in comparison to the preceding rally.<\/p>\n
\u201cWe would distinguish between fundamentals and positioning, he said. \u201cFrom a fundamental perspective, the picture remains solid: earnings momentum has been exceptional this year, and results are still coming in strongly.\u201d<\/p>\n
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Corporate news:<\/p>\n
Netflix\u00a0forecast a second consecutive quarter of slowing sales growth, contributing to investor anxiety about the streaming giant\u2019s future.
\nSpaceX said it will aim to launch its Starship rocket again in a few days after aborting Thursday\u2019s mission when some of its engines didn\u2019t fire up, sending shares lower.
\nBurberry Group Plc\u2019s sales grew across all its ranges for the first time in three years after completing the first stage of its turnaround, as investors shift their focus to the brand\u2019s efforts to drive further profitability.
\nVolvo Car AB scrapped its target of selling more cars this year due to a sharper-than-expected deterioration in China which cut into profitability in the second quarter. The shares slumped.<\/p>\n
Some of the main moves in markets:<\/p>\n
Stocks<\/p>\n
The Stoxx Europe 600 fell 0.5% as of 9:25 a.m. London time
\nS&P 500 futures fell 1%
\nNasdaq 100 futures fell 2.1%
\nFutures on the Dow Jones Industrial Average fell 0.5%
\nThe MSCI Asia Pacific Index fell 2.8%
\nThe MSCI Emerging Markets Index fell 2.7%<\/p>\n
Currencies<\/p>\n
The Bloomberg Dollar Spot Index was little changed
\nThe euro was little changed at $1.1439
\nThe Japanese yen was unchanged at 162.39 per dollar
\nThe offshore yuan was little changed at 6.7787 per dollar
\nThe British pound fell 0.2% to $1.3452<\/p>\n
Cryptocurrencies<\/p>\n
Bitcoin fell 2% to $62 790.91
\nEther fell 2.4% to $1,824.79<\/p>\n
Bonds<\/p>\n
The yield on 10-year Treasuries declined three basis points to 4.53%
\nGermany\u2019s 10-year yield declined one basis point to 3.12%
\nBritain\u2019s 10-year yield declined three basis points to 4.93%<\/p>\n
Commodities<\/p>\n
Brent crude rose 0.5% to $84.64 a barrel
\nSpot gold rose 0.4% to $3,992.64 an ounce<\/p>\n
This story was produced with the assistance of Bloomberg Automation.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Nasdaq #futures #tumble #chip #rout #deepens<\/p>\n","protected":false},"excerpt":{"rendered":"
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